Qatar wealth fund buys St Regis Hotel
Marriott International Inc has sold the St Regis New York for US$310mn to Qatar’s sovereign wealth fund.
The purchase gives Qatar Investment Authority (QIA) another trophy asset to add to an expanding portfolio across the globe. The fund has been boosting its investments in the US, including stakes in retail properties in Manhattan. In April, it announced an investment in the shops at the base of the St Regis.
The hotel, located on East 55th Street near Fifth Avenue, was opened by John Jacob Astor IV in 1904. The 18-storey Beaux-Arts building contains more than 200 guest rooms.
Marriott will continue to operate the hotel under a longterm contract with QIA, according to a filing.
India to further ease tax rules to boost investment: Modi
India is committed to further improving its people-friendly tax regime, Prime Minister Narendra Modi said, as Asia’s third-largest economy seeks to attract more overseas investment to spur growth.
The government has cut corporate tax rates and introduced a nationwide goodsand-services charge to integrate the nation’s economy, Modi said on Sunday.
“We want to work toward making it even more people friendly,” he said.
Sri Lanka economy recovering from Easter attacks: IMF
Sri Lanka’s economy was slowly recovering from the impact of the Easter Sunday suicide bombings that killed hundreds and crippled the booming tourism sector, the International Monetary Fund (IMF) said.
Growth was likely to hit 3.5 per cent next year from this year’s forecast of 2.7 per cent, the Washington-based lender said, compared to 3.2 per cent in 2018.
The country estimates it will lose about US$1.5bn in tourism revenue this year as a result of a sharp dip in arrivals following the attacks on churches and hotels, which killed at least 269 people.